From insights to value…
Because technology and communications companies manage the networks, sensors, circuits and infrastructures that facilitate the collection and flow of data, they are in a unique position to store, maintain, process and use the data of their enterprise customers across the data value continuum.
This continuum highlights the inverse relationship between the volume of data generated and the potential value of the data. At the bottom of the continuum, companies monetize raw data—usually with lackluster returns. At the very top, the highest-value opportunities and most innovative business models emerge. Here, companies aren’t monetizing data. They are monetizing actionable insights to enable new forms of interaction and better decision-making.
Industrializing B2B growth
To tap this new revenue stream, companies should create an EBITDA-neutral data business to fund a low-risk business model based on insight monetization. The cornerstone of this model is an “Insights Factory,” which companies can establish to analyze the data of their B2B customers—and their customers’ customers. The Insights Factory harnesses numerous analytical models that can produce customized outputs to support a steady stream of use cases such as channel partner optimization, contract renewals rate improvement, and even Analytics- or Insights-as-a-Service offerings.
The B2B balancing act
To pursue a B2B growth strategy based on the delivery of insights, companies should take four actions:
Give data the attention it deserves. Understand available data sources, store and secure the data in data lakes, and ensure it is usable and accessible.
Zero in on value. Assess the analytical skills, tools, resources, organizational alignment and data governance protocols necessary to generate insights for specific use cases.
Scale through M&A. Find companies that have a successful track record, proven analytics assets and the potential to create “data synergies” with the data the company holds.
Re-commit to CX. The Insights Factory is a critical enabler of B2B growth, making it possible for companies to become hyper-relevant at speed and scale. Achieving maturity in this business model—just as in their traditional lines of business—requires exceptional customer experiences.